More Stocks, Fewer Bonds

In our asset-allocation survey, wealth managers see smoother sailing.

It's finally starting to happen: After five years of extraordinarily defensive investing, the nation's largest wealth-management firms are growing wary of bonds and more upbeat on stocks.

On average, the wealth managers are recommending that investors put 29% of their money in fixed income, down from 34% a year ago, according to an annual survey by Penta. The managers and their clients are increasingly worried that interest rates will...